Report: Pittsburgh Steelers Minority Owner Seeks Larger Share

Pittsburgh Steelers minority owner Thomas Tull is seeking a larger share in the team, as one of his other co-owners is being forced to sell.

Maryland investor Josh Harris and his partner David Blitzer own a portion of the Steelers, and with Harris becoming the new majority owner of the Washington Commanders in July, he must sell his share of the Steelers, according to NFL rule.

Tull, the billionaire former CEO of Legendary Entertainment, has been a Steelers minority owner since 2009. According to a report by Bloomberg News, Tull is seeking to purchase Harris and Blitzer’s 5% share of the team. Harris and Blitzer paid $140 million for their share in 2020. Forbes has currently valued the Steelers at $4.6 billion, meaning they could earn around $100 million in profit in the sale.

Tull has had interest in several fields in addition to entertainment, and his connection with financial technology company Acrisure led to it bidding on the naming rights for the the stadium, formerly known as Heinz Field, two years ago.

The shares owned by Harris must be sold, but Tull is not the only potential buyer. Other minority owners, outside interests, and team president Art Rooney II and his family could also seek to purchase the shares.

Harris is the third Steelers minority owner to take full ownership of another NFL team. Current Cleveland Browns owner Jimmy Haslam was first a minority owner of the Steelers before buying the Brows in 2012. Haslam sold his shares of the Steelers to Scott and Russ Swank in 2013, about a year after purchasing the Browns.

Carolina Panthers owner David Tepper also owned a 5% share of the Steelers before finalizing his purchase of that franchise. He sold that stake in 2019, a year after finalizing his purchase of the Panthers, to LendingTree CEO Doug Lebda and the NC Revocable Trust, along with some shares that were sold back to the Rooney family.